based on mutual dependence between state and commercial interests. The state should encourage exports and control imports to build up the nation's bullion reserves (gold and silver)
emphasized competition, free markets, and open trade.
Companies relied more on more on their financial strength and incorporated banking and insurance into their industrial interests.
State Welfare Capitalism
Government plays an active role in regulating economic activities in an effort to smooth out the boom-and-bust pattern of the business cycle.
Thanks to computers, the internet, cell phones, and other technological advances, the economies of most countries are becoming more and more integrated. Many companies have components in different countries.